4 MAJOR STEPS TO PURCHASING YOUR HOME:
THE MOST IMPORTANT step and the FIRST step a home buyer should take is getting pre-qualified for a mortgage BEFORE you call a Realtor to go out shopping for a home. You can get pre-approved over the phone in about 20 minute’s time…and it’s FREE! NOTE: If you get pre-approved from a lender, you are not obligated to use that lender if you find another lender that can provide you with a better rate. Make sure your lender provides a written copy of your pre-approval to you so that you can provide a copy to your Realtor. If you do not have a preferred lender, please visit the following links to some excellent lenders that I have had the pleasure of working with.
Century 21 Mortgage Services – www.century21mortgage.com
Crystal Ebner, M.S. Barnett Funding – www.crystalebner.com
Cassie Montgomery, Sunrise Mortgage Services – cmontgomery14@tampabay.rr.com
STEP 2: Once you have been pre-approved, it’s time to contact a Realtor. I will work with you to find just the right home. I will collect detailed information from you to find out exactly what you are looking for in a home. Then I will take this information and utilize the Multiple Listing Service (MLS) to research available homes in the areas that you would like to live.
I will either email or send hard copies of the listings for your review. When you find something that you are interested in, we can set up an appointment to go take a look. We can look at one or two homes at a time, or take the entire day to shop if that’s what you need.
STEP 3: You've been out shopping and you've found the perfect home! Now it's time for me to assist you in making the best possible offer to the seller and to come up with a good negotiation plan. This is where I really earn my paycheck. My job is to assist you in making an offer that will look good to the seller, but will also be in your best interest.
STEP 4: CONGRATULATIONS....your offer has been accepted. Now it's time for me to REALLY earn my paycheck. I will coordinate with your lender and schedule an appraisal of the property. An appraisal is the very first step and probably the most important one after your offer has been accepted. Your lender will only fund if the appraisal comes out equal to or above the contract price.
After the appraisal comes in at a good value, I will then coordinate with a home inspector (if you so desire) to set up a home inspection for the property. This is important and I would suggest that anyone buying a home have a home inspection done. Home inspection costs range from approximately $200 - $300 depending on the square footage of the home you are purchasing. Home inspections are normally not a requirement from your lender; however, some lenders do require a home inspection be completed and require the written report afterwards.
After the home inspection comes back and you [your lender]are satisfied, then you will need to contact an insurance firm and acquire home owner's insurance for your new home. The insurance company must provide an "Insurance Binder" to your lender prior to closing. This document proves that you have purchased home owner's insurance for your property. Your lender will not provide funds for closing until they receive an insurance binder.
Once all this is completed, the lender sends the approved closing documents (electronically) to the Title Company that will be closing the transaction. The buyer and seller usually meet in the same room with the closer and both real estate agents. The buyer signs all their documents and the seller signs all their documents. Once everything is signed by both parties and keys are provided, the home is now officially yours!!!
It sounds easy.....and it should be for you as a buyer if you are working with the right real estate agent. I will be the one that will take care of all these details for you so that you don't have to worry about anything except moving in!
